North Korea becomes third-largest state Bitcoin holder after $1.5B Bybit hack

By Phong Ngo March 23, 2025 | 09:32 pm PT

North Korea has emerged as the world’s third-largest state holder of Bitcoin following a US$1.5 billion cryptocurrency heist allegedly carried out by hackers linked to the nation.

North Korea has reportedly risen to become the world's third-largest government holder of Bitcoin after a major US$1.5 billion crypto heist allegedly tied to the nation.

The country owns 13,562 bitcoin worth an estimated US$1.14 billion, according to Bitcoin.com, citing data from crypto-security firm Arkham Intelligence. Only the U.S. and U.K. hold more, with 198,109 and 61,245 bitcoin respectively.

The increase in holdings comes after a Feb. 21 cyberattack on Dubai-based trading platform Bybit. The heist, reportedly carried out by North Korea’s notorious Lazarus Group, resulted in the theft of digital assets valued at US$1.5 billion, according to the U.S. Federal Bureau of Investigation. It is considered the largest cryptocurrency theft ever recorded.

Although most of the stolen funds were in Ethereum, a significant amount was later converted into bitcoin.

Bitcoins placed on U.S. dollar notes. Photo by Reuters

In response, Bybit launched "LazarusBounty," a US$140 million program offering a 10% reward for recovered assets, Fintech Weekly reported.

As of March 10, only US$40 million had been recovered, according to the BBC.

The Lazarus Group has been linked to multiple major crypto thefts, including US$1.34 billion worth of assets stolen in 2023, accounting for 61% of all crypto stolen that year, according to Binance, the world’s largest crypto exchange.